Core Insights - Wharton Technology (000920.SZ) reported a capacity utilization rate of 104.02% for the first half of the year, indicating that the company's production capacity is currently sufficient to meet market demand [1]

Core Insights - The capacity utilization rate of the German chemical industry in Q2 2025 is only 72%, marking the lowest level in over 30 years, indicating severe challenges faced by the industry and the largest economy in Europe [1] - The chemical and pharmaceutical industry lobbying group VCI stated that this rate is significantly below the breakeven threshold, with a year-on-year production decline of 5.1% impacting revenues [1] - Despite the new German government's commitment to revitalize economic growth, the data shows that the chemical industry, a key economic pillar, continues to struggle [1] Industry Performance - VCI noted that there are "no signs of improvement in the short term," as major buyers of chemical products are reducing their own production and order volumes [1] - Major German automotive companies, such as Volkswagen and Mercedes-Benz, which are key customers of BASF and other suppliers, reported a decline in sales following the increase of European car tariffs to 27.5% in the U.S. in April [1] - In the pharmaceutical sector, companies accelerated production at the beginning of the year to address the threat of U.S. tariffs, leading to an increase in Q1 output; however, production saw a significant drop in Q2 as the inventory buildup subsided, although overall production remains higher than the same period last year [1] Historical Context - The last time capacity utilization was this low was in 1991, following the industrial consolidation after German reunification, which led to overcapacity and forced factory closures for years, resulting in slow growth across the manufacturing sector [1]

Core Viewpoint - The company, Leyard (300296.SZ), has indicated that its overseas supply primarily comes from three factories, with a focus on optimizing product variety and improving the alignment of production capacity with product demand through digital means [1] Group 1: Supply Chain and Production - The overseas supply of the company is sourced from three main factories: one in Slovakia, one in Shenzhen, and one in Wuxi, which provides MicroLED-related products, primarily from the Slovakia factory [1] - The overall production capacity utilization of the company has not reached saturation, indicating that there is sufficient capacity available [1] Group 2: Strategic Focus - The company needs to optimize its product variety to better match production capacity with product demand [1] - There is an emphasis on utilizing digital methods to coordinate production capacity and product demand effectively [1]

Report Summary 1. Core View - On Tuesday, the RB2510 contract traded in a range. A personal consumer loan subsidy policy was implemented on September 1st, and many banks are actively promoting its implementation. The weekly output of rebar increased with a capacity utilization rate of 48.35%. Market sentiment was weak, and downstream buyers mainly purchased on - demand, leading to a continued increase in inventory. Overall, the steel market had both bullish and bearish factors, and the futures price found temporary support around 3100. Technically, the 1 - hour MACD indicator of the RB2601 contract showed a golden cross at a low level with shrinking green bars. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2]. 2. Summary by Directory 2.1 Futures Market - The closing price of the RB main contract was 3,117.00 yuan/ton, up 2 yuan; the position volume was 1,675,244 lots, up 41,530 lots. The net position of the top 20 in the RB contract was - 196,211 lots, up 15,317 lots. The RB10 - 1 contract spread was - 70 yuan/ton, up 6 yuan. The RB warehouse receipt at the Shanghai Futures Exchange was 215,221 tons, up 3,683 tons. The HC2601 - RB2601 contract spread was 181 yuan/ton, down 7 yuan [2]. 2.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,270.00 yuan/ton, down 20 yuan; in Guangzhou (theoretical weight) was 3,270.00 yuan/ton, down 30 yuan; in Tianjin (theoretical weight) was 3,200.00 yuan/ton, down 40 yuan. The basis of the RB main contract was 153.00 yuan/ton, down 22 yuan. The spot price difference between hot - rolled coils and rebar in Hangzhou was 120.00 yuan/ton, down 20 yuan [2]. 2.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 768.00 yuan/wet ton, up 8.00 yuan. The price of Hebei quasi - first - grade metallurgical coke was 1,590.00 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,270.00 yuan/ton, unchanged. The price of Hebei Q235 billet was 2,950.00 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 137.6302 million tons, down 0.8218 million tons. The coke inventory of sample coking plants was 397,100 tons, up 3,300 tons. The coke inventory of sample steel mills was 6.1012 million tons, up 4,300 tons. The billet inventory in Tangshan was 1.2836 million tons, up 0.1227 million tons. The blast furnace operating rate of 247 steel mills was 83.18%, down 0.16 percentage points, and the blast furnace capacity utilization rate was 90.00%, down 0.27 percentage points [2]. 2.4 Industry Situation - The weekly output of rebar from sample steel mills was 2.2056 million tons, up 0.0591 million tons; the capacity utilization rate was 48.35%, up 1.30 percentage points. The inventory of rebar in sample steel mills was 1.6962 million tons, down 0.0491 million tons; the social inventory of rebar in 35 cities was 4.5377 million tons, up 0.2126 million tons. The operating rate of independent electric arc furnace steel mills was 70.83%, unchanged. The monthly output of domestic crude steel was 79.66 million tons, down 3.53 million tons. The monthly output of Chinese steel bars was 1.658 million tons, up 0.14 million tons. The net export volume of steel was 939,000 tons, up 18,000 tons [2]. 2.5 Downstream Situation - The national real estate prosperity index was 93.34, down 0.25. The cumulative year - on - year growth rate of fixed - asset investment completion was 1.60%, down 1.20 percentage points. The cumulative year - on - year growth rate of real estate development investment completion was - 12.00%, down 0.80 percentage points. The cumulative year - on - year growth rate of infrastructure construction investment was 3.20%, down 1.40 percentage points. The cumulative value of housing construction area was 6,387.31 million square meters, down 54.10 million square meters; the cumulative value of new housing construction area was 352.06 million square meters, down 48.42 million square meters. The unsold area of commercial housing was 405.36 million square meters, up 2.85 million square meters [2]. 2.6 Industry News - On August 25, 2025, Wuzhou Yongda Iron and Steel Co., Ltd. successfully dismantled a 35 - ton electric arc furnace and a 40 - ton electric arc furnace, marking a step forward in resolving over - capacity, technological upgrading, and green development. Since August 25, many coal mines in Shanxi have carried out short - term shutdowns for maintenance. As of the morning of September 2nd, 78 coal mines in Shanxi had shut down voluntarily due to safety and maintenance reasons, involving a production capacity of 94.8 million tons [2].

Group 1 - The core viewpoint indicates that BYD's gross margin has significantly declined due to intense price competition, leading to a continuous drop in per-vehicle profitability [3] - In response to industry challenges, the company has increased R&D and capital expenditures while providing additional incentives to dealers, resulting in heightened cost pressures and short-term profit constraints [3] - Although vehicle sales increased year-on-year in the first half, there was a quarter-on-quarter decline in the second quarter, reflecting intensified competition and difficulties in cost control [3] Group 2 - Looking ahead to the second half of the year, maintaining steady sales growth and stabilizing prices could lead to a recovery in per-vehicle profitability, with fixed cost pressures potentially easing as production capacity utilization improves [3] - The company is actively promoting overseas capacity expansion and export growth, with new production bases in Thailand, Indonesia, and Brazil set to launch, which will enhance the proportion of overseas business and drive long-term profit growth [3] - Despite facing short-term pressures from price wars and high investment impacting cash flow, the company's diversified business, technological leadership, and global market expansion are expected to help mitigate competitive risks [3]

Core Viewpoint - CICC has upgraded Super盈 International Holdings (02111) to an "Outperform" rating and raised the target price by 65% to HKD 4.45, reflecting a shift in valuation to 2026 due to the one-time impact of U.S. tariff policies in 2025 [1] Group 1: Financial Performance - For 1H25, the company reported revenue of HKD 2.33 billion, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of HKD 260 million, down 6.1% year-on-year, which was below CICC's expectations due to cautious ordering from clients amid U.S. tariff uncertainties [2] - The gross margin for 1H25 decreased by 0.4 percentage points to 26.6%, primarily due to a decline in capacity utilization in 2Q25, with fabric, webbing, and lace gross margins changing by +0.2, -2.0, and -10.7 percentage points respectively [4] - The net profit margin for 1H25 was 11.2%, down 0.4 percentage points year-on-year [4] Group 2: Product Performance - Revenue from fabrics, webbing, and lace for 1H25 was HKD 1.81 billion, HKD 501 million, and HKD 22 million respectively, with year-on-year changes of -4.4%, +6.9%, and -20.6% [3] - The decline in sportswear and apparel fabric revenue was mainly due to cautious ordering from U.S. apparel brand clients in 2Q25, with sportswear fabric revenue down 5.5% to HKD 1.23 billion [3] Group 3: Operational Efficiency - Inventory turnover days increased from 112 days at the end of 2024 to 131 days at the end of 1H25, influenced by U.S. tariff policies affecting orders [5] - The net debt decreased by 37.1% to HKD 300 million, with the net debt-to-equity ratio dropping from 13.5% to 8.2% [5] Group 4: Future Outlook - Approximately 50% of the company's revenue comes from the U.S., and CICC expects that as U.S. tariff policies become clearer, client orders may gradually recover in the second half of the year, potentially boosting capacity utilization and profitability [5]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Supply is expected to tighten as more chlor - alkali plants are scheduled for maintenance in September, and the capacity utilization rate is predicted to continue to decline [1]. - Alumina industry's strong profit and production intention support caustic soda demand, and non - aluminum demand has a seasonal increase with some idle plants restarting [1]. - Shandong's liquid caustic soda inventory pressure is low. Spot prices have room to rise due to improved supply - demand. Future production expectations will still suppress far - month contract prices, and near - month contracts are expected to be stronger than far - month contracts [1]. - Technically, attention should be paid to the resistance around 2760 for SH2601 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The main contract closing price of caustic soda is 2735 yuan/ton, the 1 - month contract closing price is 2735 yuan/ton, and the 5 - month contract closing price is 2794 yuan/ton [1]. - The net position of the top 20 futures is - 4746 lots. The main contract trading volume is 672088 lots, and the main contract position is 129563 lots [1]. 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 870 yuan/ton, and in Jiangsu is 910 yuan/ton. Shandong's 32% caustic soda converted to 100% price is 2718.75 yuan/ton, and the basis is - 16 yuan/ton [1]. 3.3 Upstream Situation - The mainstream price of raw salt in Shandong and the Northwest is 210 yuan/ton, and the price of steam coal is 643 yuan/ton [1]. 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is - 400 yuan/ton, and in Jiangsu is - 200 yuan/ton [1]. 3.5 Downstream Situation - The spot price of viscose staple fiber is 13040 yuan/ton, and the spot price of alumina is 3150 yuan/ton [1]. - From August 21st to 28th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 82.4%, a week - on - week decrease of 0.8% [1]. 3.6 Industry News - As of August 28th, the inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above nationwide was 379,600 tons (wet tons), a week - on - week decrease of 4.25% and a year - on - year increase of 28.84% [1]. - SH2601 rose 2.82% to close at 2735 yuan/ton. Last week, two plants in Central China had short - term shutdowns, and one in Central China and two in the Northwest restarted. The caustic soda capacity utilization rate decreased by 0.8% week - on - week to 82.4% [1]. - Last week, the alumina operating rate decreased by 0.2% week - on - week to 85.58%, the viscose staple fiber operating rate decreased by 0.2% week - on - week to 86.02%, and the printing and dyeing operating rate increased by 0.87% week - on - week to 64.73% [1]. - Last week, the liquid caustic soda factory inventory decreased by 4.25% week - on - week to 379,600 tons, showing significant destocking [1].

Core Insights - The overall revenue of the top ten global foundries is projected to exceed $41.7 billion in Q2 2025, marking a record high with a quarter-on-quarter increase of 14.6% driven by pre-stockpiling effects from consumer subsidies in the Chinese market and demand for new smartphones, laptops/PCs, and servers in the second half of the year [1] Group 1 - The increase in foundry capacity utilization and shipment volume is expected to strengthen due to seasonal demand for new products in Q3 [1] - Advanced process technologies are set to benefit from upcoming major chip orders, while high-priced wafers will significantly boost industry revenue [1] - Mature process technologies will also see support from surrounding IC orders, leading to an overall increase in capacity utilization compared to the previous quarter [1]

Core Viewpoint - The recent financial report of Huahong Company (688347) indicates a significant increase in total revenue but a drastic decline in net profit, highlighting potential challenges in profitability despite revenue growth [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 8.018 billion yuan, a year-on-year increase of 19.09% compared to 6.732 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 74.3154 million yuan, showing a substantial decline of 71.95% from 265 million yuan in the previous year [1]. - The gross profit margin improved to 17.57%, up 7.52% year-on-year, while the net profit margin decreased to -7.75%, a drop of 7.58% [1]. - The company reported a significant accounts receivable level, with accounts receivable accounting for 395.91% of the latest annual net profit [1][3]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 622 million yuan, representing 7.76% of revenue, an increase of 10.33% year-on-year [1]. - The company’s operating cash flow per share increased by 21.25% to 0.94 yuan, while earnings per share fell by 73.33% to 0.04 yuan [1]. Investment and Market Position - The company’s historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 3.31% since its listing, indicating average investment returns [3]. - The company relies heavily on research and capital expenditure, necessitating careful monitoring of capital projects and their financial viability [3]. Market Outlook - Analysts expect the company’s performance in 2025 to reach 674 million yuan, with an average earnings per share forecast of 0.39 yuan [3]. - The semiconductor industry, particularly the wafer foundry sector, is experiencing steady demand, with expectations of modest price increases in the latter half of the year [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The supply pressure of asphalt is still high. In August 2025, the total planned asphalt production in China was 2.413 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the sample capacity utilization rate decreased, and the refinery reduced production to ease supply pressure [7]. - The demand for asphalt is currently below the historical average. The construction and road - related asphalt开工率 (operating rates) are mostly lower than historical levels, although the waterproofing membrane开工率 increased slightly [7]. - The cost side shows that the daily asphalt processing profit is negative but increasing, and the delayed coking profit in Shandong is decreasing. The difference between asphalt and delayed coking profit is narrowing, and the strengthening of crude oil is expected to support prices in the short term [8]. - The basis is neutral, with the spot price at a premium to the futures price. The inventory situation is mixed, with social inventory decreasing, factory inventory increasing, and port diluted asphalt inventory decreasing. The market is expected to be in a narrow - range shock in the short term, with the asphalt 2511 contract oscillating between 3497 - 3537 [8]. - There are both positive and negative factors. The positive factor is that the relatively high cost of crude oil provides some support, while the negative factors include insufficient demand for high - priced goods and a downward trend in overall demand, along with an increasing expectation of an economic recession in Europe and the United States [10][11]. 3. Summary by Directory 3.1 Daily Views - **Supply**: In August 2025, the total planned asphalt production in China was 2.413 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the sample capacity utilization rate was 32.838%, a month - on - month decrease of 2.40 percentage points. The total shipment of sample enterprises was 237,300 tons, a month - on - month decrease of 4.50%, and the sample enterprise production was 548,000 tons, a month - on - month decrease of 6.80%. The estimated maintenance volume of sample enterprise devices was 648,000 tons, a month - on - month increase of 11.15%. The refinery's production cut this week will reduce supply pressure in the future [7]. - **Demand**: The heavy - traffic asphalt开工率 was 30.7%, a month - on - month decrease of 0.07 percentage points; the construction asphalt开工率 was 18.2%, unchanged from the previous month; the modified asphalt开工率 was 16.9855%, a month - on - month decrease of 0.11 percentage points; the road - modified asphalt开工率 was 28.33%, a month - on - month decrease of 2.17 percentage points; the waterproofing membrane开工率 was 30.6%, a month - on - month increase of 0.90 percentage points. Overall, the current demand is below the historical average [7]. - **Cost**: The daily asphalt processing profit was - 591.75 yuan/ton, a month - on - month increase of 5.70%. The weekly delayed coking profit in Shandong was 788.4443 yuan/ton, a month - on - month decrease of 12.78%. The loss of asphalt processing increased, and the profit difference between asphalt and delayed coking decreased. The strengthening of crude oil is expected to support prices in the short term [8]. - **Basis**: On August 28, the spot price in Shandong was 3,510 yuan/ton, and the basis of the 11 - contract was 27 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: The social inventory was 1.292 million tons, a month - on - month decrease of 3.79%. The factory inventory was 716,000 tons, a month - on - month increase of 0.70%. The port diluted asphalt inventory was 150,000 tons, a month - on - month decrease of 21.05% [8]. - **Market Outlook**: It is expected that the market will be in a narrow - range shock in the short term, with the asphalt 2511 contract oscillating between 3497 - 3537 [8]. 3.2 Asphalt Futures Market Analysis - **Basis Trend**: The report presents the historical trends of the Shandong and East China asphalt basis from 2020 - 2025, which helps investors understand the relationship between spot and futures prices [18]. - **Spread Analysis** - **主力合约价差 (Main Contract Spread)**: The historical trends of the 1 - 6 and 6 - 12 contract spreads from 2020 - 2025 are shown, which can assist in analyzing market structure and arbitrage opportunities [22]. - **沥青原油价格走势 (Asphalt - Crude Oil Price Trend)**: The historical price trends of asphalt, Brent oil, and West Texas Intermediate (WTI) oil from 2020 - 2025 are presented, reflecting the relationship between asphalt and crude oil prices [25]. - **原油裂解价差 (Crude Oil Cracking Spread)**: The historical trends of asphalt - SC, asphalt - WTI, and asphalt - Brent cracking spreads from 2020 - 2025 are shown, which can help analyze the profitability of asphalt production [28]. - **沥青、原油、燃料油比价走势 (Asphalt - Crude Oil - Fuel Oil Price Ratio)**: The historical trends of the asphalt - SC and asphalt - fuel oil price ratios from 2020 - 2025 are presented, which can assist in analyzing the relative price relationships between different energy products [33]. 3.3 Asphalt Spot Market Analysis - The report shows the historical price trends of Shandong heavy - traffic asphalt from 2020 - 2025, which helps investors understand the regional asphalt spot market [35]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis** - **沥青利润 (Asphalt Profit)**: The historical trends of asphalt profit from 2019 - 2025 are presented, which can help analyze the profitability of the asphalt industry [37]. - **焦化沥青利润价差走势 (Coking - Asphalt Profit Spread)**: The historical trends of the coking - asphalt profit spread from 2020 - 2025 are shown, which can assist in analyzing the profit differences between different production processes [41]. - **Supply - Side Analysis** - **出货量 (Shipment Volume)**: The historical trends of small - sample asphalt enterprise shipment volume from 2020 - 2025 are presented, which can help analyze the supply situation from the perspective of sales [44]. - **稀释沥青港口库存 (Diluted Asphalt Port Inventory)**: The historical trends of domestic diluted asphalt port inventory from 2021 - 2025 are shown, which can assist in analyzing the supply situation from the perspective of inventory [46]. - **产量 (Production)**: The historical trends of weekly and monthly asphalt production from 2019 - 2025 are presented, which can help analyze the overall supply situation [49]. - **马瑞原油价格及委内瑞拉原油月产量走势 (Marine - derived Crude Oil Price and Venezuelan Crude Oil Monthly Production)**: The historical trends of Marine - derived crude oil price and Venezuelan crude oil monthly production from 2018 - 2025 are shown, which can assist in analyzing the impact of raw material supply on asphalt production [53]. - **地炼沥青产量 (Local Refinery Asphalt Production)**: The historical trends of local refinery asphalt production from 2019 - 2025 are presented, which can help analyze the supply contribution of local refineries [55]. - **开工率 (Operating Rate)**: The historical trends of asphalt capacity utilization rate from 2021 - 2025 are shown, which can assist in analyzing the production activity level of the asphalt industry [58]. - **检修损失量预估 (Estimated Maintenance Loss)**: The historical trends of estimated maintenance loss from 2018 - 2025 are presented, which can help analyze the impact of refinery maintenance on supply [60]. - **Inventory Analysis** - **交易所仓单 (Exchange Warehouse Receipts)**: The historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 - 2025 are presented, which can assist in analyzing market supply and demand expectations [64]. - **社会库存和厂内库存 (Social Inventory and Factory Inventory)**: The historical trends of social inventory (70 - sample) and factory inventory (54 - sample) from 2022 - 2025 are shown, which can help analyze the inventory distribution and market supply and demand situation [67]. - **厂内库存存货比 (Factory Inventory - Stock Ratio)**: The historical trends of the factory inventory - stock ratio from 2018 - 2025 are presented, which can assist in analyzing the inventory management efficiency of factories [70]. - **进出口情况 (Import - Export Situation)** - **沥青出口走势 (Asphalt Export Trend)**: The historical trends of asphalt export from 2019 - 2025 are presented, which can help analyze the international market demand for domestic asphalt [73]. - **沥青进口走势 (Asphalt Import Trend)**: The historical trends of asphalt import from 2019 - 2025 are shown, which can assist in analyzing the impact of international supply on the domestic market [73]. - **韩国沥青进口价差走势 (Korean Asphalt Import Price Spread)**: The historical trends of the Korean asphalt import price spread from 2020 - 2025 are presented, which can help analyze the cost - effectiveness of imported asphalt [76]. - **Demand - Side Analysis** - **石油焦产量 (Petroleum Coke Production)**: The historical trends of petroleum coke production from 2019 - 2025 are presented, which can assist in analyzing the demand for asphalt in related industries [79]. - **表观消费量 (Apparent Consumption)**: The historical trends of asphalt apparent consumption from 2019 - 2025 are shown, which can help analyze the overall market demand [82]. - **下游需求 (Downstream Demand)** - **公路建设交通固定资产走势 (Highway Construction Fixed - Asset Investment)**: The historical trends of highway construction fixed - asset investment from 2020 - 2025 are presented, which can assist in analyzing the demand for asphalt in highway construction [85]. - **新增地方专项债走势 (New Local Special Bonds)**: The historical trends of new local special bonds from 2019 - 2025 are shown, which can help analyze the financial support for infrastructure construction and asphalt demand [86]. - **基础建设投资完成额同比 (Year - on - Year Growth of Infrastructure Investment Completion)**: The historical trends of the year - on - year growth of infrastructure investment completion from 2020 - 2024 are presented, which can assist in analyzing the overall infrastructure construction situation and asphalt demand [86]. - **下游机械需求走势 (Downstream Machinery Demand)**: The historical trends of asphalt concrete paver sales, excavator monthly operating hours, and domestic excavator sales from 2020 - 2025 are shown, which can help analyze the demand for asphalt in construction projects [89]. - **压路机销量走势 (Roller Sales)**: The historical trends of roller sales from 2019 - 2025 are presented, which can assist in analyzing the demand for asphalt in road compaction [91]. - **沥青开工率 (Asphalt Operating Rate)** - **重交沥青开工率 (Heavy - Traffic Asphalt Operating Rate)**: The historical trends of heavy - traffic asphalt operating rate from 2019 - 2025 are presented, which can help analyze the production activity level of heavy - traffic asphalt [94]. - **按用途分沥青开工率 (Asphalt Operating Rate by Use)**: The historical trends of construction asphalt and modified asphalt operating rates from 2019 - 2025 are shown, which can assist in analyzing the production activity levels of different types of asphalt [97]. - **下游开工情况 (Downstream Operating Conditions)** - **鞋材用sbs改性沥青开工率 (SBS - Modified Asphalt Operating Rate for Footwear)**: The historical trends of SBS - modified asphalt operating rate for footwear from 2019 - 2025 are presented, which can help analyze the demand for asphalt in the footwear industry [100]. - **道路改性沥青开工率 (Road - Modified Asphalt Operating Rate)**: The historical trends of road - modified asphalt operating rate from 2019 - 2025 are shown, which can assist in analyzing the demand for asphalt in road construction [100]. - **防水卷材改性沥青开工率 (Waterproofing Membrane - Modified Asphalt Operating Rate)**: The historical trends of waterproofing membrane - modified asphalt operating rate from 2019 - 2025 are presented, which can help analyze the demand for asphalt in the waterproofing membrane industry [102]. - **供需平衡表 (Supply - Demand Balance Sheet)**: The report provides the monthly asphalt supply - demand balance sheet from January 2024 to August 2025, including data on production, import, export, inventory, and downstream demand, which can help comprehensively analyze the market supply - demand situation [105].